Festi hf: Festi acquisition of all shares in Lyfja hf. – The Competition Authority’s deadline for investigation extended to 19 June 2024 and the long-stop date according to the purchase agreement to 1 July 2024

    Festi hf: Festi acquisition of all shares in Lyfja hf. – The Competition Authority’s deadline for investigation extended to 19 June 2024 and the long-stop date according to the purchase agreement to 1 July 2024

The Icelandic Competition Authority has agreed to Festi’s request that the deadline for investigating the competitive effects of Festi’s acquisition of all shares in Lyfja hf. will be extended by twenty (20) working days from 21 May 2024. Accordingly, the Competition Authority’s deadline to complete the investigation is 19 June 2024 at the latest.

Furthermore, Festi, as the buyer, and SID ehf., as the seller, have signed an agreement that stipulates that the defined long-stop date according to the parties’ purchase agreement is 1 July 2024 instead of 15 May 2024.

As informed in Festi’s announcement, published on 15 April 2024, there are ongoing conciliation talks between the company and the Icelandic Competition Authority on possible remedies associated with Festi’s acquisition of all shares in Lyfja hf. Further information about the progress of the conciliation talks will be provided when applicable.

For further information, please contact Ásta S. Fjeldsted, CEO of Festi ([e-mail]) and Magnús Kr. Ingason, CFO of Festi ([e-mail]).